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Micro and Small Business Effect on Social Economy by Small Business

   

Added on  2020-09-03

15 Pages4516 Words436 Views
ENTREPRENEURSHIP ANDSMALL BUSINESS MANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1P1 Entrepreneurial venture and their interrelation with types of entrepreneurship....................1P2 Similarities and difference among entrepreneurial ventures.................................................2P3 Micro and Small business effect on economy.......................................................................4P4 Contribution for the growth of social economy by small business .......................................6P5 Skills, Characteristic and traits of successful entrepreneurs..................................................8P6 Aspects of entrepreneurial personality which reflect entrepreneurial mind-set....................9P7 Background and Past experience which hinder entrepreneurship.......................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship is to developing a new business by using innovative idea. It developand control of an enterprise by analysing uncertainty in order to collect profit and revenues.Small business management and entrepreneurship are play an essential role in improving as wellas developing the enterprise by introducing new products. Entrepreneur is a people who set up aindividual business and whose main aim and motive is to complete the demand of specificconsumers (Ligthelm, 2010).This study also determine the similarity and difference betweenfrom various successful entrepreneurs. This report is diversified into two parts for which isdetermining various kinds of an enterprise by showing its duties towards development of allsociety. At the last, this assignment is going to identify the traits, characteristic of differentsuccessful entrepreneurs. PART 1P1. Different types of entrepreneurial and their typologies There are different kinds of entrepreneurial ventures in a marketplace. It can be analysedas follows: Lifestyles ventures: It is a kind of ventures who present in providing regulars and stableincome to its manager such as owners on the basis of protection concept for managementand trade model. These owners assemble investment in this start-up's so as to sustain aswell as maintain opposition in local area (Leitch, Hill and Neergaard, 2010). It isdetected in just specific area and are not clear to have more development and growth.Survival venture: Mostly these type of ventures are innovative as well as new inmarketplace. They only contribute in the living of entrepreneur and their familymembers. According to this business do not have particular location and also not havingcoordination with bank and formal registration.Managed growth ventures: These type of ventures have stable and appropriate growth.This business are having non stop investment from its manager and investors. They aremanage to achieve average growth. Time to time float of many innovative products,needed facilities for workers and appropriate development of locations are several of thefeatures of this venture. 1

Aggressive growth venture: These business are based on the innovative technology andhave capability for powerful growth and innovation (Ligthelm, 2010). Such businessesreceive appropriate funds form share capital and this venture is movement driven.This venture which are examine above are interconnected with various kinds ofentrepreneurship they are also connected to the typology , which are mentioned as follows: Small business entrepreneurship: These type of entrepreneurship are having smallbusiness such as plumbers, consultants, travel agent and grocery stores etc. These kindsof person have their own business and they hire local and families workers. They are inconnection with survival growth ventures as they cannot built maximum funding.According to this, there investment is complete by small business loans, families andfriends.Scalable start-up entrepreneurship: According to this type of business owners trust thattheir mission and vision which is create will support in changing an economy. In thisbusiness where are create an investment with the assist of venture capitalists, it is knownas financial investor. Large company entrepreneurship: These kind of person are interrelated with managedgrowth venture (Nga and Shamuganathan, 2010). They built growth and success byproducing new product and creative services. It there will be change in the desire andtaste of buyer it enough to that there will be stress on disruptive invention. Social entrepreneurship: These type of entrepreneurship present in the market related tosocial profit of the society. These entrepreneur are known as innovators who doproduction of goods that supports in fulfilling social issues and problems. They want tomake better place in the world.As per Dennis (2011), entrepreneur is a new in the market, who takes uncertainty as wellas risk and improves innovative items. It is a new form which will be developed such asimproved by global development, where they play important and significant role andresponsibility. A properly managed economy of a country dependents on big trade and massproduction, this will help in development of an economy. P2 Similarities and difference among entrepreneurial venturesThere are several kinds of entrepreneurial ventures which can be mentioned as well asdiscussed here. Every entrepreneurial venture have few similarities and difference are as follows:2

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